Ørsted
The Danish firm revealed the decision in a report featuring preliminary financial results for 2024, citing high interest rates, supply chain problems, and “market uncertainty” as reasons for the write-down.
Orsted commenced its operations in the US in 2018, initiating two wind farm development projects, Ocean Wind 1 and 2, near the coast of New Jersey. Soon after, the company encountered the same issues it currently links to write-downs. In November 2023, Orsted revealed it was phasing out the New Jersey projects. In early 2024, the parent organization cautioned about job cuts and a halt on dividends.
Orsted anticipates its 2024 EBITDA to reach $3.4 billion, which the company stated aligns with predictions. Orsted shares are responding to the report with a decline of 13.5%. In the last year, the company's stock has decreased by nearly 30%.
source: bloomberg.com
Orsted commenced its operations in the US in 2018, initiating two wind farm development projects, Ocean Wind 1 and 2, near the coast of New Jersey. Soon after, the company encountered the same issues it currently links to write-downs. In November 2023, Orsted revealed it was phasing out the New Jersey projects. In early 2024, the parent organization cautioned about job cuts and a halt on dividends.
Orsted anticipates its 2024 EBITDA to reach $3.4 billion, which the company stated aligns with predictions. Orsted shares are responding to the report with a decline of 13.5%. In the last year, the company's stock has decreased by nearly 30%.
source: bloomberg.com
